Automotive Armrest Market: Introduction
- Customer demand for additional comfort features in vehicles is expected to propel the global automotive armrest market. Rise in demand for personal vehicles coupled with a rise in preference toward electric vehicles owing to low operation cost, rising disposable income of people, and increase in purchasing power is estimated to further boost the automotive armrest market during the forecast period.
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Key Drivers of Automotive Armrest Market
- The armrest is installed either on the seats or door. Armrests make driving comfortable regardless of the position of the seat or the height of the driver. Some armrests are adjustable and fully foldable and support heavy use. Furthermore, armrest with features such as portability and wireless charging and soft materials such as fabric, vinyl, leather, or PUR with improved esthetics are gaining popularity among consumers. This, in turn, is fueling the demand for armrest and subsequently, driving the market.
- Armrests are provided in some mid-range cars and all luxury vehicles. The armrest can either be OEM fitted or can be purchased through the aftermarket. The armrest in the front sometimes also contains a storage space. Additionally, on the back of the front armrest, cup holders and air conditioning vents can be provided to enhance the comfort of passengers at the back.
- Rise in preference for e-commerce is expected to propel the global automotive armrest market. The costs to customers for shopping in a traditional retail store can be substantial owing to transportation costs, including fuel for the car or public transportation costs and often higher costs paid due to an inability to compare shops. However, in case of online shopping, the costs of shopping are virtually negligible. It takes very little amount of time to purchase a product from a vendor online, and it can be done from the convenience of a mobile phone, without requiring a consumer to be present at the shop physically. Therefore, leading manufacturers of armrests are listing products online in order to gain market share across the globe.
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Asia Pacific to dominate Automotive Armrest Market
- In terms of region, the global automotive armrest market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to hold a major share of the global automotive armrest market owing to the increase in production and sale of passenger vehicles across China, South Korea, and India.
- Asia Pacific has presence of strong economies including China, Japan, India, and South Korea. Expansion of the e-commerce industry coupled with presence of well-established supply chain network catering to shipbuilding industry, automobile productions, and increasing demand for transportation is expected to drive the automotive armrest market in the region.
- However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world is estimated to contract the market in 2020. The coronavirus pandemic has hampered the global automotive armrest market. The market is anticipated to recover economic losses by increasing production volume of vehicle components as well as vehicle production in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive armrest market during the forecast period.
Key Players Operating in Automotive Armrest Market
The global automotive armrest market is highly concentrated due to the presence of top manufacturers. A few key players operating in the automotive armrest market are:
- Adient plc
- AUNDE Group SE (Fehrer)
- JR-Manufacturing, Inc.
- Kongsberg Automotive ASA
- Ningbo Jifeng Auto Parts Co., Ltd
- Piston Group (Irvin)
- Proseat LLP
- Sydmeko Industri AB
- Tachi-S Engineering U.S.A., Inc.
- Tesca Technologies Private Limited
- Toyota Boshoku
- Windsor Machine Group
- Woodbridge USA
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Global Automotive Armrest Market: Research Scope
Global Automotive Armrest Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Automotive Armrest Market, by Material
Global Automotive Armrest Market, by Fitment
- Front Seat
- Rear Seat
Global Automotive Armrest Market, by Sales Channel
- OEM (Original Equipment Manufacturer)
- OES (Original Equipment Supplier)
Global Automotive Armrest Market, by Distribution Channel
Global Automotive Armrest Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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